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Taylor Avakianat 11:03

…like a broken record because I say it almost every time but it's they everyone knows we have a housing housing shortage in Los Angeles why do the rents keep coming up because supply and demand that is the fundamentals of why your rent keeps going up it's because there's not enough housing for everyone else and when it's harder to develop that only constrains the supply where it becomes almost a benefit a benefit or like the people who are winning are the ones who can afford to do these new developments and make it…

Paul Schonat 34:31

…yeah we're always looking for for new opportunities to buy existing we're looking for newer construction so we don't have to deal with a lot of the rent control laws on the older older buildings and yeah just by existing I think right now there's there's some distress in the market

Taylor Avakianat 42:47

so interesting it's so interesting um I'm curious to know your thoughts with the regulations and R control and this is filmed before prop 33 either passes or doesn't and it'll come out after so we're not going to have the answers to this but with like all the regulations that are going on in California rent control things like that how do you do you see California and Los Angeles as being a long-term place where you want to continue to develop or do you see yourself trying to diversify in maybe a little more…

Paul Schonat 49:22

have to guess um ever since Co so many any ex out California because we had a crazy we couldn't raise rents for years we couldn't do eviction moratoriums so so many people ex out California if I would say a percentage it used to be from 80% would do California now it's maybe 40% will do California yeah man but I think it's starting to get better now because of all the supply that got built out of California and not in California and people are coming back and